Question 1

What is an overdraft fee?

Accepted Answer

An overdraft fee is charged when you spend more money than you have in your account. Banks typically charge $25-$35 per transaction, though you can opt-out of overdraft protection to avoid these fees.

Question 2

What is CVV on a debit card?

Accepted Answer

CVV (Card Verification Value) is a 3-digit security code on the back of your debit card (4 digits on the front for American Express). It's required for online, phone, or mail-order purchases to verify you physically possess the card. Never share your CVV except during legitimate transactions, as it helps prevent fraud.

Question 3

Are all banks FDIC insured?

Accepted Answer

Most U.S. banks are FDIC insured, but credit unions have similar NCUA insurance. Always verify a bank's FDIC membership at fdic.gov. Investment products like stocks and mutual funds are not FDIC insured.

Question 4

What happens if my bank fails?

Accepted Answer

The FDIC typically arranges for another bank to take over, and your insured deposits transfer automatically. You'll receive checks or access within days. Deposits over $250,000 may not be fully covered.

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Frequently Asked Questions

What is an overdraft fee?

What is CVV on a debit card?

Are all banks FDIC insured?

What happens if my bank fails?

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